MAROC TELECOM : Consolidated results - First quarter 2011
05/06/2011| 01:05am US/Eastern
Consolidated results - First quarter 2011
· Customer base up 17%, to 26.2 million
· Revenues increase 1.2%, to MAD 7.5 billion
· Earnings from operations amount to MAD 3.0 billion, for a margin of 39.5%
2011 outlook unchanged:
· Moderate growth in revenues
· Profitability to be maintained at a high level
Commenting on the publication, Mr. Abdeslam AHIZOUNE, Chairman of the Management Board, stated:
"Despite the rise in competition, Maroc Telecom group continues to increase its revenues, protect its leader position, and maintain high margins through significant investments for quality, innovation, and customer satisfaction. The Company's primary objective is to satisfy its customers, who, in exchange, remain extremely loyal."
Consolidated Results - Group
At March 31, 2011, Maroc Telecom group had consolidated revenues(:
#_ftn1) of MAD 7,528 million, up 1.2% from March 2010 (+1.7% on a comparable basis(:
The group's customer base stood at 26.2 million at March 31, 2011, up 17% from a year earlier. This expansion reflects continuing growth in the Mobile customer base in Morocco (+6.9%) and strong marketing momentum in the subsidiaries, where the Mobile customer base grew by 56%.
· Earnings from operations before depreciation and amortization (EBITDA)
During the first three months of 2011, consolidated EBITDA amounted to MAD 4,037 million, down 5.7% from 2010 (-5.5% on a comparable basis), mainly because of slow revenue growth in Morocco. Despite this decrease, the margin remained at a high level, at 53.6%.
· Earnings from operations
At March 31, 2011, consolidated earnings from operations(1) came to MAD 2,974 million, down 7.2% from 2010 (-7.0% on a comparable basis(2)). The consolidated operating margin remained at a high level (39.5%), despite ongoing major investments in networks and systems.
Maroc Telecom is a full-service telecommunications operator and the domestic market leader in its three business activities:
Fixed line, Mobile, and Internet. Maroc Telecom, whose main shareholders are Vivendi (53%) and the Kingdom of Morocco (30%), has been listed on the Casablanca and Paris stock exchanges since December 2004.
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() At March 31, 2011, Mauritel, Onatel, Gabon Télécom, and Sotelma were consolidated in Maroc Telecom's financial statements. Mobisud Belgium has not been consolidated since June 30, 2010.
() The comparable basis illustrates the effect of the disposal of Mobisud Belgium (as if the transaction had occurred as of January 1, 2010) and assumes a constant exchange rate for MAD/Mauritanian Ouguiya/CFA Franc.
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Source: Maroc Telecom via Thomson Reuters ONE